On 26 July 2024, the Monetary Authority of Singapore (“MAS“) announced that it will implement: (i) refinements to the tier structure requirements together with certain exclusions from the same; and (ii) remuneration prohibitions relating to volume-based incentives, for financial advisory (“FA”) firms.
MAS will provide a transitional period for changes to be made to comply with the proposed tier structure requirements and remuneration prohibitions and will conduct a consultation on legislative amendments to implement these changes. In the interim before the legislative amendments take effect, FA firms are strongly encouraged to implement the tier structure requirements and adjust their remuneration frameworks and practices to be consistent with the finalised requirements.
This Update summarises the key proposals shared by MAS and their implications for FA firms.
For more information, click here to read the full Legal Update.
